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Kenya’s financial watchdog, the Capital Markets Authority (CMA), today announced its plan to provide a legal framework for online forex trading by introducing amendments to the Capital Markets Act, as per an official statement.

According to the proposed amendments, any person or entity shall not carry on business as an online forex broker unless it has obtained an online forex broker’s license granted by the Authority.

Until passing this legislation, the only entities permitted to engage in foreign currency dealing in Kenya are the authorized dealers licensed under the Banking Act and Central Bank of Kenya Act.